In the hours and days that followed the devastating earthquake in Haiti, little thought was paid to anything but rescuing those trapped and caring for survivors. But as the dust settled, financial institutions on the ground had to contend with one of the country's lesser troubles: anti-money laundering compliance. As banks and money services businesses have re-opened in Haiti, the jobs of anti-money laundering (AML) professionals on the ground and their counterparts abroad have been fraught with challenges. At times, they have had to find creative ways to comply with regulations in order to hand over much needed cash to...
As clean-up efforts continue in the wake of Hurricane Sandy, a more muted effort is taking place at banks throughout the northeast corridor: playing catch-up on compliance duties, say industry professionals.
Haiti, a major transit hub for drugs in the Americas, hasn't effectively implemented anti-money laundering regulations that went into effect seven years ago, and has yet to criminalize terrorist financing, a watchdog group said.
A civil lawsuit against former Haitian President Jean Bertrand Aristide was filed in Miami last week that purports to show how he and eight of his associates embezzled and laundered tens of thousands of dollars in stolen public funds.